Mrs. Bector's Food Specialities Ltd. · NSE:BECTORFOOD
Mrs. Bector's Food Specialities — Q3 FY24 Earnings Presentation
38 slides from Mrs. Bector's Food Specialities's earnings presentation, Feb 8, 2024
Slide 1: Exchange filing cover letter: Investor's Presentation
MBFSL/CS/2023-24 8th February, 2024 To, To, Department of Corporate Relations, National Stock Exchange of India Ltd, BSE Limited, Exchange Plaza, C- 1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400001 Mumbai– 400051 Scrip Code: 543253 Scrip Symbo
Slide 2: Q3 & 9M FY24 Investor Presentation
Q3 & 9M FY24 INVESTOR PRESENTATION February 2024
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by and is the sole responsibility of Mrs. Bectors Food Specialities Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or i
Slide 4: Q3 & 9M FY24 Financials
TAKING THE GOOD TO THE WORLD Q3 & 9M FY24 Financials
Slide 5: Consolidated Q3FY24 Performance Highlights: Segment Wise Revenues
Consolidated Q3FY24 Performance Highlights (YoY and 24 months comparison) Revenue from Operations* Biscuit Segment Bakery Segment 268 146 429 Segment Wise Revenues +22% 127 +15% 368 +17% 219 (Rs. Crs.) 263 157 92 Q3FY22 Q3FY23 Q3FY24 Q3FY22 Q3FY23 Q3FY24 Q3FY22 Q3FY23 Q3FY24 • Biscuit segment revenu
Slide 6: Consolidated Q3FY24 Performance Highlights (YoY & QoQ)
Consolidated Q3FY24 Performance Highlights (YoY & QoQ) Rs. Crs Revenues* EBITDA Profit After Tax 414.5 428.9 64.7 37.3 61.2 34.6 367.9 +17% 51.2 +19% 27.8 +25% Q3 FY23 Q2 FY24 Q3 FY24 Q3 FY23 Q2 FY24 Q3 FY24 Q3 FY23 Q2 FY24 Q3 FY24 Margin Profile EBITDA Margins PAT Margins 15.6% 9.0% 13.9% 14.3% 8.1
Slide 7: 9M FY24 Performance Highlights: Segment Wise Revenues
9M FY24 Performance Highlights Biscuit Segment Bakery Segment Revenue from Operations 1218 +20% 1016 Segment Wise Revenues 750 422 736 (Rs. Crs.) +24% 360 +17% 604 450 244 9M FY22 9M FY23 9M FY24 9M FY22 9M FY23 9M FY24 9M FY22 9M FY23 9M FY24 ➢ Biscuit Segment includes Domestic, Exports and CSD * T
Slide 8: 9M FY24 Performance Highlights
9M FY24 Performance Highlights Rs. Crs. EBITDA Profit After Tax Margin Profile EBITDA Margins PAT Margins +45% +71% 183.8 106.7 15.1% 8.8% 13.2% 12.5% 127.0 6.4% 6.1% 62.4 97.0 46.9 9M FY22 9M FY23 9M FY24 9M FY22 9M FY23 9M FY24 9M FY22 9M FY23 9M FY24 9M FY22 9M FY23 9M FY24 7
Slide 9: Consolidated Profit & Loss Statement – Q3 FY24 & 9MFY24
Consolidated Profit & Loss Statement – Q3 FY24 & 9MFY24 Profit & Loss Statement (Rs. Crs.) Q3 FY24 Q3 FY23 Y-o-Y Q2 FY24 Q-o-Q 9MFY24 9MFY23 Y-o-Y Revenue from Operations 428.9 367.9 16.6% 414.5 3.5% 1,217.6 1,016.1 19.8% Cost of Materials Consumed 211.0 200.9 217.7 628.1 565.1 Purchase of stock-in-
Slide 10: Expansion Projects
Expansion Projects Additions in Rajpura • 2 Biscuit Lines have been commissioned in Rajpura in the current year (Punjab) • 2 more lines are being added and estimated to be completed by H1’24-25 • Bhiwadi plant has been commissioned in current year Addition in Bakery Business • The company will be se
Slide 11: Company Overview
HAPPY DIWALI ! COMPANY OVERVIEW
Slide 12: Our founder Mrs. Rajni Bector conferred with Padma Shri
Our founder Mrs. Rajni Bector conferred with Padma Shri Mrs. Rajni Bector conferred with Padma Shri for her contribution to trade and industry I feel blessed and express my gratitude to the central government for recognising my services. I am feeling honoured and want to thank my family, children, a
Slide 13: Mrs. Bector's at glance
Mrs. Bector’s at glance Digestives + Crackers + Cookies + Cream + Marie Pursuant to Brand separation Biscuits agreement, “Mrs. Bector’s Cremica” Brand is exclusive to Mrs. 1 + Private Label Bectors Food Specialities Limited for Biscuits Developed the brand “English Oven” for the Branded breads & Bra
Slide 14: Our business segments
Our business segments Biscuits Bakery Products Domestic Exports Consumer Bakery Institutional Bakery Market Share^ 5.4 % of the premium and ~12% share of the total 5% market share in the 11% market share in semi mid-premium biscuits exports of biscuits from India Branded Breads Segment in processed
Slide 15: Distinguished brand created over the years
Distinguished brand created over the years Significant investments made over the last few years to establish and enhance capacities and premiumization of product portfolio • Investment from Jade Dragon • IPO with listing on NSE and BSE with a 2006 2014 • Commenced Bengaluru Facility 2020 valuation o
Slide 16: Automated state of art manufacturing units
Automated state of art manufacturing units Equipped with advanced modern technology and Stringent Quality Controls automated systems Invested Rs. 340 crores between FY19 to FY23 to build capacities with superior capabilities Specifically, sourced best in class equipment from Denmark, Germany, US and
Slide 17: Strategically located for efficient distribution
Strategically located for efficient distribution Phillaur, Punjab Greater Noida, UP ▪ Biscuits – 27,000 MT ▪ Bread and bakery –118 (Mn packs) ▪ Contract Manufacturing – 27,000 MT ▪ Buns – 324 (Mn pcs) ▪ Frozen products – 14 (Mn packs) Tahliwal, HP ▪ Biscuits – 34,200 MT Rajpura, Punjab Dhar (MP) Man
Slide 18: Cookies & Biscuits
CREMICA COOKIES & BISCUITS Ms. Beclov's
Slide 19: One of the Leading Biscuit Brands in North India
One of the Leading Biscuit Brands in North India… ‘Mrs. Bector’s Cremica’ is one of the leading biscuit brands in the premium and mid-premium segment in North India Danish Cookies Creams Crackers Digestives Cookies Launched new products such as ‘Trufills’, ‘Premium Sugar and Company has a strong pre
Slide 20: With a PAN India Distribution Network
… with a PAN India Distribution Network… Sales Automation tool to track distribution on real time Strong Multi Channel ▪ Enables company to track the real time coverage, sales Distribution Network* efficiencies & effectiveness, and working discipline of its distribution network ▪ Helped increase pro
Slide 21: Export business – Long runway for growth
Export business – Long runway for growth 25% + Increase penetration in 69 ~54% select export markets - South, Central and Have set up a subsidiary in UAE to Focus is on increasing premiumization in North America, the cater MENA and Exporting Share in the Indian Export under export market MENA region
Slide 22: Immense Industry Potential in the Biscuit Market
Immense Industry Potential in the Biscuit Market Growth in Biscuit Market (Rs. Bn.) Low per capita spending on biscuits Per Capita Consumption (Kg/Year) Branded Biscuits Others Per capita consumption of biscuits in India has significantly increased in the last 5 years +9% 620 13.6 However, it is far
Slide 23: Breads & Bakery
BREADS & BAKERY 22
Slide 24: Fastest growing premium Bakery brand in India
Fastest growing premium Bakery brand in India Brown Speciality Indian Western White Bread Sub Bread Indulgence Bread Breads Breads Bread Sales of products sold under the brand name ‘English Oven’ grew faster than industry between FY15 to FY23 Widespread Distribution One of the few bakery companies i
Slide 25: Preferred Supplier to Largest QSR Franchises in India
Preferred Supplier to Largest QSR Franchises in India Company is a leading player in the institutional bakery segment Key Success Factors: Dedicated lines for manufacturing buns to serve QSR Stringent quality control and compliance with standards customers Industry best practices such as use of prem
Slide 26: Growth Potential in Bread & Bakery Business
Growth Potential in Bread & Bakery Business Indian Breads & Buns Market Chain QSR Market (Rs. Bn.) Indian Bread Market size was Rs. 50 bn in FY20 of (Rs. Bn.) which premium category currently has a share of ~16% and is projected to grow at a rate of 15% for the next 5 years +23% +9% 524 76 +9% +19%
Slide 27: Continuous Brand Building Initiatives
Continuous Brand Building Initiatives New Product Introductions Digital Marketing Retail Branding 26
Slide 28: Continuous Brand Building Initiatives
Continuous Brand Building Initiatives Outdoor Campaigns Cremica & English Oven TV Campaign Print Campaign 27
Slide 29: Well positioned to capture growth
Well positioned to capture growth Right • Competitively well positioned across both segments – Biscuits & Breads and Bakery segment Business Mix Focus on • Significant increase in the price realization of Company’s products across all business segments; Premiumization • Continued focus on increasing
Slide 30: Historical Financials
TAKING THE GOOD TO THE WORLD Historical Financials
Slide 31: Consolidated Segment Performance Highlights
Consolidated Segment Performance Highlights *Revenue from Operations Segment Wise Revenues (Rs. Crs.) Biscuit Segment Bakery Segment 1362 487 +38% 807 +44% 988 881 339 +36% 762 574 592 261 259 451 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 * Total Revenue includes revenue from contr
Slide 32: Historical Financials
Historical Financials Revenues (Rs. Crs.) EBITDA (Rs. Crs.) PAT (Rs. Crs.) 1,362 175 90 141 72 988 123 881 57 762 93 30 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 > Gross Profit Margins EBITDA Margins PAT Margins 46.5% 47.6% 16.0% 8.2% 44.2% 44.6% 12.2% 12.4% 12.9% 6.6% 5.8% 4.0% FY
Slide 33: Balance Sheet strength
Balance Sheet strength Net Debt to Equity 0.3 Working Capital (in Days) 0.1 0.1 0.1 Working 33 30 42 25 Capital (in Days) Mar-20 Mar-21 Mar-22 Mar-23 52 Cash Flow from Operations (Rs. Crs.) 42 45 45 39 38 39 38 36 164 30 28 24 109 110 84 Mar-20 Mar-21 Mar-22 Mar-23 Inventory Debtors Creditors FY20 F
Slide 34: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss Statement (Rs. Crs.) FY23 FY22 FY21 FY20 Revenue from Operations 1,362.1 988.2 880.7 762.1 Cost of Materials Consumed 737.7 536.0 467.8 411.3 Purchase of stock-in-trade 23.8 15.6 0.6 0.4 Changes in Inventories of Finished Goods and Work in Progress -7
Slide 35: Historical Balance Sheet
Historical Balance Sheet EQUITY AND LIABILITIES (Rs. Crs.) 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 Equity Equity share capital 58.8 58.8 58.7 57.3 Other equity 485.5 410.2 372.5 262.2 Total equity 544.3 469.0 431.2 319.4 Non-current liabilities Financial liabilities (i) Borrowings 94.0 88.0 114.8 85
Slide 36: Historical Balance Sheet
Historical Balance Sheet ASSETS (Rs. Crs.) 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 Non-current assets Property, plant and equipment 407.6 391.4 339.7 337.6 Capital work-in-progress 48.7 11.9 55.3 6.7 Right-of-use assets 18.2 19.2 14.2 15.3 Goodwill 0.4 0.4 0.4 0.4 Other intangible assets 0.1 0.2 0.0
Slide 37: Historical Cash Flow Statement
Historical Cash Flow Statement Cash Flow Statement (Rs. Crs.) Mar-23 Mar-22 Mar-21 Mar-20 Cash Flow from Operating Activities Profit before Tax 120.7 75.7 97.1 39.0 Adjustment for Non-Operating Items 61.3 46.5 47.4 61.8 Operating Profit before Working Capital Changes 182.0 122.2 144.5 100.8 Changes
Slide 38: Thank You
THANK YOU Company: CIN: L74899PB1995PLC033417 Mr. Arnav Jain Chief Financial Officer arnav.jain@bectorfoods.com Investor Relations Advisors : Mr. Parth Patel Mr. Irfan Raeen +91 98197 85972 +91 97737 78669 parth.patel@linkintime.co.in irfan.raeen@linkintime.co.in
Mrs. Bectors Food Specialities — Q3 FY24 Earnings Presentation on 6ix